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The financial crisis: some facts, someresponsibilities, some ways out?
Ignazio ViscoBanca d’ItaliaNFA, Firenze30 June 2009
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Structural changes
Integration of economies and markets
Technological and financial innovation
Demographic trends
Macro framework
High rates of growth of the world economy
Low inflation rates
Imbalances
Saving rates, current accounts, net foreign positions
Global liquidity, asset prices, volatility
Financial framework
Financial intermediaries, securitization, structured products
Investment strategies, risk management
Some facts
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